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General Chat Thread, RBS-NatWest slash overdraft fees in General; About time "From 1 October, RBS and NatWest customers will be charged 5 for having a cheque bounced, down from ...
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    cookie_monster's Avatar
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    RBS-NatWest slash overdraft fees

    About time "From 1 October, RBS and NatWest customers will be charged 5 for having a cheque bounced, down from 38". 38 pounds what a disgrace when these charges were investigated the investigating team couldn't find any way that it could cost the bank more than 4.

    BBC NEWS | Business | RBS-NatWest slash overdraft fees

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    CSNM-Carl's Avatar
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    Or you could avoid charges all together by budgeting and planning your finances properly....

    And they are finally replacing Maestro/Solo cards with Visa debit - they are only 5 years behind!

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    cookie_monster's Avatar
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    Or you could avoid charges all together by budgeting and planning your finances properly....
    True and I do but banks should not be allowed to 'punish' people for mistakes that is a privilege reserved for the state. They should be allowed to cover their costs.

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    Quote Originally Posted by cookie_monster View Post
    True and I do but banks should not be allowed to 'punish' people for mistakes that is a privilege reserved for the state. They should be allowed to cover their costs.
    Exactly, this (I believe) is what the legal spat was all about - whether it actually costs the banks 38 to deal with a bounced cheque.

    5 seems sensible enough.

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    gaz350's Avatar
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    My partner just got whacked by a 50 bill for going 1 into the red, and guess what they also charged her interest on that 1.
    legal theft imo

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    localzuk's Avatar
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    Quote Originally Posted by CSNM-Carl View Post
    Or you could avoid charges all together by budgeting and planning your finances properly....
    Yes, nobody ever makes mistakes. Nobody ever has special circumstances where they overspend...

    And they are finally replacing Maestro/Solo cards with Visa debit - they are only 5 years behind!
    What? Maestro is as good as visa debit? It is accepted pretty much Europewide (as it is similar to Mastercard, so where that is accepted, Maestro is too).

    Quote Originally Posted by gaz350 View Post
    My partner just got whacked by a 50 bill for going 1 into the red, and guess what they also charged her interest on that 1.
    legal theft imo
    Yup. Put it this way, I go overdrawn by 12. For that mistake, I end up with a charge of 15, plus a daily charge of 15 for the first day (as it is under a certain amount over), then if I haven't got it paid by the next day, I end up with a further 20 charge and this keeps on going to a maximum of around 200. So, For the mistake of going overdrawn by 12, you could end up 200 in the red - like it costs them anything like that... (These are roughly based on Lloyds TSB numbers).

    It is extortion.
    Last edited by localzuk; 8th September 2009 at 09:00 PM.

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    mac_shinobi's Avatar
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    Quote Originally Posted by localzuk View Post
    Yes, nobody ever makes mistakes. Nobody ever has special circumstances where they overspend...



    What? Maestro is as good as visa debit? It is accepted pretty much Europewide (as it is similar to Mastercard, so where that is accepted, Maestro is too).



    Yup. Put it this way, I go overdrawn by 12. For that mistake, I end up with a charge of 15, plus a daily charge of 15 for the first day (as it is under a certain amount over), then if I haven't got it paid by the next day, I end up with a further 20 charge and this keeps on going to a maximum of around 200. So, For the mistake of going overdrawn by 12, you could end up 200 in the red - like it costs them anything like that... (These are roughly based on Lloyds TSB numbers).

    It is extortion.
    @ vista debit card for natwest - imo the maestro thing sucks as there are some services where I could of done with a visa debit card so that would of been extremely useful had they of done it like barclay or lloyds have done.

    @ bank charges - yes I agree complete extortion !!! Since I have been with natwest if I had direct debits and I call the company in question to re arrange the date they take the money out of my bank whether it be that I don't have the money in there and won't get the money until a week later or my pay dates have moved 99% of the time the companies in question whom I did advise on numerous occasions before they tried to take the money out still try to take the money out regardless and each time they attempt to take the money out up to a maxium of 3 times in a row per day I think it is ( could be wrong , any one with corrections about natwest in this instance would be handy )

    I would then get charged 38 per each time they attempt to take the money out of my account and on some instances they would also allow them to take the money out of my account along with the charge of 38 multiplied by however many times the company tried to take the money and in most cases it was 3 attempts which means it was 114 on top of what I was going to pay orginally so if it was for my virgin media broadband connection which is normally only 35 a month I would then have to pay

    35 + 114 = 149

    149 just for one months broadband all because a company such as virgin media refused to accept that I advised them on numerous occasions

    I did get it sorted out eventually but my god, what a palava just as one example out of plenty and yes I have the bank statements etc to prove it.

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    superfletch's Avatar
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    Quote Originally Posted by localzuk View Post

    Yup. Put it this way, I go overdrawn by 12. For that mistake, I end up with a charge of 15, plus a daily charge of 15 for the first day (as it is under a certain amount over), then if I haven't got it paid by the next day, I end up with a further 20 charge and this keeps on going to a maximum of around 200. So, For the mistake of going overdrawn by 12, you could end up 200 in the red - like it costs them anything like that... (These are roughly based on Lloyds TSB numbers).

    It is extortion.
    They're simply encouraging you to stay in the black aren't they...

    I have to agree the charges these institutions have come up with are disgraceful, in my view they are essentially saying -

    Dear Mr X.

    We at the bank can see that despite your best efforts you are having trouble making ends meet month to month so for each time you go overdrawn beyond an agreed means we will endeavour to charge you as much as we possibly can in order yo compound your current state of misery.


    ALSO -

    Why when I once had a large sum of money to bank do poxy bank managers think it is their god granted right to ask me fifty questions about where my money came from?

    The cash in question was when I banked some money from a savings account into my current account to buy my car!

    I hate banks - they represent an unnecessary evil in this world IMHO

    /rant

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    localzuk's Avatar
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    Quote Originally Posted by superfletch View Post
    They're simply encouraging you to stay in the black aren't they...
    Yes, just like a man with a gun at a polling station in a 'democracy' like nigeria is just there to protect people

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    If a direct debit is taken incorrectly then the bank need to provide a full and immediate refund - see the DD guarantee.

    I'm not sure whether they are obliged to refund charges in these circumstances, though. When my rent was taken incorrectly because the landlord is disorganised, they gave me a 28 courtesy discount next time around (even though it didn't cause me a charge!).

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